IBM Watson wants to build blockchain with artificial intelligence

Good news from the IT conglomerate IBM: The technology giant is working on a solution with which the company wants to merge artificial intelligence with the blockchain.
What does artificial intelligence have in common with the blockchain?

The blockchain promises smooth transfer of currency units and can therefore process a lot of data in a short time. On the other hand, there is artificial intelligence: it can examine and semantically record huge amounts of data. As an open transaction book, the blockchain therefore offers special possibilities for analyzing large amounts of data with the help of artificial intelligence. If both constructs were brought together, we would all be faced with a new paradigm, according to CoinDesk.

Bitcoin profit: Watson with Blockchain

Over the past three months, IBM’s Chief Architect Tim Hahn has been working on Bitcoin profit integration for the Internet of Things (IoT) division in Watson. Watson is the computer with artificial intelligence developed by IBM. Hahn told CoinDesk:

What we are currently working on the blockchain and the devices will make it possible to use the information gained from the devices to influence the blockchain. Things we usually see in movies are starting to come true.

Possible applications

One can obviously imagine Distributed Ledger applications, with which devices can automatically carry out a kind of self-diagnosis at certain time intervals. With advanced technologies one would like to make a digital time travel possible. Developers and authorities should be able to rewind a device at a certain point in time, so that it can be traced which error occurred at that time and caused certain problems.

The project is still in its infancy, but IBM is investing heavily in future Internet of Things technologies: with a volume of three billion US dollars, the IoT division is to be built up over the next four years. However, this includes many different technologies, ranging from washing machines to networked thermostats.

Internet of Things: Bitcoin profit potential

One of the four core areas into which the IoT division is divided is the storage and processing of data. It is precisely in this area that the Bitcoin profit should be used. At the moment you are trying out different possibilities for Bitcoin profit. Among other things, the idea has already been developed that users can register their devices via the blockchain. The owner can then use this link to manage usage rights and, for example, give family members the right to access the functions of the device.

Opinion of the author (Max):

It is not surprising that „the big players“ in the ring also invest in blockchain technologies. What IBM can count on in any case is the shown initiative. In contrast to many larger corporations that have invested in similar projects, not only financial expenditure seems to be involved here. IBM is working on the solution itself and is presenting the first concrete applications that could be implemented with Watson.

Many companies leave a lot to be desired with this initiative: unplanned investments and purely financial cooperations, without concrete objectives and their own resources, are unfortunately to be observed very frequently.

In any case, I see the project as a feasible idea that has not come from heaven. The IoT industry in particular requires new solutions when it comes to managing devices and access rights.